The scale of this deal is extraordinarily large. The deal is...

The scale of this deal is extraordinarily large. The deal is that Bartholomew bets $200 million per year or about $3.9 million per week. If he bets on 30 race meetings per week, that would amount to about 260 races. So he's betting $15 000 on average per race. The risk is that the losses incurred catering to Bartholomew dwarf the rest of the business and wipe it out. If he makes 5% on turnover, that's $10 million per year. The opportunity is that they leverage the loss lead off Bartholomew into a viable large scale tote business. There doesn't look to be much middle ground.

Reaper.